GBP/JPY Consolidation Continues Above Key Support

The GBP/JPY currency pair remains in a state of consolidation above its short-term support level at 207.06, following last week's trading.

Initial market bias for this week is neutral, with a focus on two key resistance levels: 211.25 and 217.45.

If the price breaks through 211.25, it will target the 38.2% retracement of its recent decline from 219.56 to 207.06 at 211.83.

However, if the price falls below 207.06, it could extend its downward movement to the 206.10 Fibonacci support level.

In the bigger picture, the current correction is seen as part of a larger upward trend from 184.35 (2025 low) and potentially targeting the 38.2% retracement at 206.10 before completing the correction.

The long-term trend remains in favor of the upswing from 116.83 (2011 low), with a target price of 251.09 (2007 high), as long as the 55-period Exponential Moving Average (EMA) holds at 190.50.